The 38 Studios fiasco seems to be getting a happy ending after all. Epic Games, after publicly hiring laid off employees from the bankrupt company, has announced the opening of Impossible Studios.

Based in Maryland, the new studio will be mostly made up of former employees from Big Huge Games. 38 Studios acquired the now defunct studio in 2009 for help developing their line of fantasy games. They released Kingdoms of Amalur: Reckoning earlier this year to mostly positive reviews and above average sales for a new IP. Despite this, 38 reported insufficient funds to make one of their loan payments and as well as payroll for their employees. This was followed by massive layoffs and the company's eventual closing.

Now under a new roof, this talented team is reunited to do what they do best, making great games. Even the name Impossible Studios is attributed to the feasibility behind forming a team like this. Epic Games President Dr. Michael Capps explains.

“We were so glad we could help keep this great team together, and we’re lucky to have them. At the time, I said that finding a full team of superstars was ‘impossible’ and apparently the name stuck! Pairing the imagination and experience of Impossible with Epic’s technology, IP and resources makes for a business greater than the sum of its parts.”

The first project in development by Impossible will be the iOS action RPG Infinity Blade: Dungeons. Having this team work on Epic's most profitable franchise just shows how much trust is being given. Considering their past work on fantasy themed games, I have high hopes for Impossible's fresh start and their immediate future going forward.

As for 38 Studios, assets from the bankrupt company have been officially turned over to the state of Rhode Island and the Bank of New York Mellon Trust. These assets include the IPs for Kingdoms of Amalur: Reckoning as well as the MMORPG that was in development titled Copernicus. The state hopes to sell off these assets in order to pay back as much of the remaining loan amount as possible.